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  "documentTitle": "Commvault Systems, Inc. (CVLT)",
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  "authorName": "Jesse Cohn and Jason Genrich",
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  "presentationDate": "2018-04-02 00:00:00",
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      "text": "Over the years, Commvault justified its accelerating operating expense investments and reduced profitability with the goal of returning to 20% software license growth.",
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      "text": "Missing key targets like this erodes investor confidence. Setting appropriate long-term targets and then executing against those targets is essential for the Company to build trust.",
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      "text": "“We are well on track in establishing the product, distribution, services, support, and marketing foundations to enable us to achieve our FY 2015 objectives, and over the next three years, to achieve our billion-dollar plan and maintain mid-20s operating margin objectives” — Commvault, January 2014",
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      "text": "2 “We are well on track in establishing the product, distribution, services, support, and marketing foundations to enable us to achieve our FY 2015 objectives...”- Commvault, January 2014",
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      "text": "Non-GAAP Operating Margin Since FY2006",
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